UDGAM portal

• The Reserve Bank of India has announced the launch of a centralised web portal, UDGAM (Unclaimed Deposits – Gateway to access Information).
• The RBI has developed a web portal to facilitate the public to easily locate their unclaimed deposits across multiple banks in one place.
• Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks have collaborated on developing the portal.

UNCLAIMED DEPOSITS

• Balances in savings / current accounts which are not operated for 10 years, or term deposits not claimed within 10 years from date of maturity are classified as “Unclaimed Deposits”.
• These deposits are transferred to the Depositor Education and Awareness fund maintained by the central bank and can be claimed by the respective depositor along with the applicable interest.
• According to the RBI, as of February 2023, the central bank had unclaimed deposits worth over INR 35,000 crore from 10.24 crore citizens.